NY S07731

Otsego County is authorized to impose an additional mortgage recording tax of 25 cents per $100 of principal debt (or 25 cents if debt is under $100) on mortgages recorded within the county.

The tax is administered and collected under the same procedures as existing state mortgage recording taxes, with provisions adapted as necessary for county-level application.

Tax revenue collected by the recording officer is paid monthly to the Otsego County treasurer after deducting office expenses, and deposited into the county's general fund for any county purpose.

Local laws imposing, repealing, or suspending the tax must take effect on the first day of a calendar month and be filed with the state commissioner at least 30 days before implementation.

The authorization expires and is repealed on December 31, 2022.